Clean Power Finance, a US-based online solar energy marketplace backed by internet company Google, agreed on Wednesday to merge with US-based solar financing provider Kilowatt Financial to form a new entity.
The new company, Elevate Power, will provide financing for solar system and energy efficiency installations in the form of power purchase agreements, leases and loans. It will begin life with more than $1.6bn in project and loan financing under management.
Founded in 2006, Clean Power Finance operates an online platform enabling companies that sell and install residential solar power to access consumer solar finance products, including power purchase agreements and leases, and software that can make the installation process more efficient.
Clean Power Finance raised $6.9m in 2010 from Claremont Creek Ventures, Clean Pacific Ventures, Sand Hill Angels and Gary Kremen before securing $25m in 2011 from Google Ventures, the corporate venturing arm of diversified internet company Google, and Kleiner Perkins Caufield & Byers (KPCB).
The company subsequently raised an additional $37m from undisclosed strategic and existing investors in 2013.
Founded in 2011 with funding from KPCB, Kilowatt provides financing for customers to get solar energy systems installed on their houses. It offers a range of product choices from a network of qualified contractors and installers.
Kilowatt had reportedly raised more than $100m in equity funding, though it has not revealed the details, and had financed more than $250 million in operational U.S. residential solar projects through Clean Power Finance’s CPF Market platform as of April 2014.